Khaw addresses issue of pricey ECs #PR

In his latest blog post, National Development Minister Khaw Boon Wan has spoken out on the recent controversy over the sale of expensive executive condominium (EC) units, like the 4,349 sq ft presidential suite at CityLife EC in Tampines that was sold for over S$2 million. Below is Mr Khaw's full statement, published on his blog on 7 January. In some recent EC launches, super-sized ECs units were offered and snapped up by buyers who did not appear to be from the “sandwiched” households. Understandably, there was public indignation at such deviations (both by some developers and some buyers) from what we had intended ECs to serve. The developers explained that such super EC units were a minority and that they had priced them low (that was why they were snapped up by buyers who could actually afford private properties). The media reported that one such developer priced its s...